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  • June 18,2018
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education loan

  • Eligibility
    Eligibility For Loan
    Student who is / has: -
    • An Indian national.
    • Meritorious student
    • Secured admission to a higher education course in an institute recognized by a statutory body in India or abroad through entrance test/ merit based selection process
    Eligible Courses
    1. Studies in India
    • Approved courses leading to Graduate/ Post Graduate degree and Post Graduate diplomas conducted by recognized Colleges / Universities approved / accredited by Government of India/ State Government/ UGC / Government /AICTE /AIBMS / ICMR or Regulatory bodies.
    • Courses like I.C.W.A., C.A., C.F.A., etc.
    • Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.
    • Approved courses offered in India by reputed foreign universities
    • Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
    • Approved by Head Office and included in approved educational institutions list
    • All Regular courses conducted by Institutions categorized as A, B and others.
    Note:
    a) The above list is indicative in nature the other job oriented courses to technical/ professional degrees/ diplomas offered by recognized institution may be considered under this scheme.
    Eligible Courses a) Studies in Abroad Graduation
    For job-oriented professional/technical courses offered by reputed universities. (Diploma/ Certification courses are not permissible) Post Graduation
    Courses like MCA, MBA, MS etc.
    Courses conducted by CIMA-London, CPA in USA etc Degree/ Diploma
    Courses like Aeronautical, Pilot training, and Shipping etc.
    provided these are recognized by competent regulatory bodies in India/ abroad for the purpose of employment in India and abroad.
  • Finance
    Components of Finance
    • Fee payable to college/ school/ hostel (lodging and boarding). Reasonable Lodging & Boarding charges will be considered in case the student chooses/ is required to opt for outside accommodation.
    • Examination/ Library/ Laboratory fee.
    • Insurance premium.
    • Caution deposit, Building fund/ refundable deposit supported by Institution bills/ receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
    • Travel expenses/ passage money for studies abroad / College Bus fare in case of study in India
    • Purchase of computers-essential for completion of the course*.
    • Purchase of books/ equipments/ instruments/ uniforms*.
    • Any other expenses required to complete the course-like study tours, project work, thesis, etc*.

    *Terms & Conditions apply.

    Amount of loan
    Category A Category B Other Institutions
    25.00 Lacs Without Collateral Security 10.00 Lacs Without Collateral Security Actual as per fee structure of Institution

    In case higher loan limit is requested (from the above mentioned limit) for category A & B institutions, 100% tangible security with value equivalent to loan amount is required.
    Category A Institute link with PDF
    Category B Institute link with PDF

  • Security and Margin
    Security Clause

    For category A & B institutions

    Institutions Loan Limit Collateral Security
    For Category A institutions Upto 25.00 Lacs NIL
    For Category B institutions Upto 10.00 Lacs NIL

    Note:

    case higher loan limit is requested (apart from the above mentioned limit) for category A & B institutions, 100% tangible security with value equivalent to full loan amount is required. • For "A" category institution either parent/guardian may be co-obligant (irrespective of his/her means and age of student).In case of married person, co-obligator can be either spouse or the either Parent/ either Parent-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee.

    For Other Institutions

    Loan upto 4.00 lacs: No collateral security but co-obligation of parents / guardian. In case of married person, co-obligator can be either spouse or the Parent(s) / Parent(s)-in-law.

    Loan above 4.00 lacs & upto 7.50 lacs: Collateral in the form of one satisfactory third party guarantee, co-obligation of parents / guardian. In case of married person, co-obligator can be either spouse or the Parent(s) / Parent(s)-in-law.

    Loan above 7.50 lacs: Mortgage of immovable property or any tangible security having value equivalent to 100% of loan amount. Co-obligation of parents / guardian. In case of married person, co-obligator can be either spouse or the Parent(s) / Parent(s)-in-law. C) Assignment of future income in all cases.
     

    Margin

    Category A Category B Other Institutions
    NIL NIL Other Institutions NIL
    Up to 4.00 Lacs NIL
    Above 4.00 Lacs 5% For studies in India
    15% For studies Abroad
  • Rate of Interest and Repayment
    Education Loan For students and working professionals Up to ₹ 4.00 Lacs MCLR + 2.00% = 11.40%
      Above ₹4.00 Lacs&Upto ₹7.50 Lacs(Credit Guarantee Coverage) MCLR +2.00% = 11.40%
      Above ₹4.00 Lacs&Upto ₹7.50 Lacs (Immovable Property or Tangible Assets) MCLR + 1.75% = 11.15%
    Scheme for Vocational Education & Training(Skill Development) Above ₹7.50 Lacs MCLR + 1.75% = 11.15%
    For Category A institutions MCLR = 9.40%
    For Category B institutions MCLR + 0.50% = 9.90%
    Note: 0.50% concession for Girl Student/ SC/ ST/ Disabled, subject to minimum of One Year MCLR
    Repayment upto 15 years
    Loan is repayable in EMI (Excluding moratorium period i.e. Study period + grace Period)
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